Inotiv, Inc. reported the three months ended September 30, 2022 results: revenue $150.5 million, net income $(243.6) million. Guidance initiated.
“Q4 FY 2022 Highlights · Revenue grew to $150.5 million in Q4 FY 2022 from $30.1 million during the three months ended September 30, 2021 (“Q4 FY 2021”), driven by a $14.1 million rise in DSA revenue and $106.3 million of incremental revenue from our RMS business. Favorable pricing for both segments and increased customer demand in DSA produced revenue exceeding acquisition contributions. · Consolidated net loss for Q4 FY 2022 was $(243.6) million, or (161.9)% of total revenue, compared to consolidated net income of $9.4 million, or 31.2% of total revenue in Q4 FY 2021.”
Material Agreements
Inotiv, Inc. amended Second Amendment to Credit Agreement with the lenders party thereto and Jefferies Finance LLC, as administrative agent (effective 2022-12-29).
“On December 29, 2022, Inotiv, Inc. (the “Company”), certain subsidiaries of the Company (the “Subsidiary Guarantors”), the lenders party thereto, and Jefferies Finance LLC, as administrative agent (the “Agent”), entered into a Second Amendment (“Amendment”) to the Credit Agreement, dated November 5, 2021, as amended by that First Amendment on January 27, 2022 (as amended, the “Credit Agreement”).”
Earnings Releases
Inotiv, Inc. reported the fiscal year ended September 30, 2022 results: revenue approximately $547.7 million.
“Total revenue for FY 2022 is expected to increase to approximately $547.7 million from total revenue of $89.6 million in FY 2021.”
Governance Changes
Inotiv, Inc.: Amended Second Amended and Restated Bylaws to permit remote communication for stockholder meetings, update shareholder proposal procedures, meeting adjournment notice rules, and opt out of mandatory classified board provisions under Indiana law (effective 2022-11-02).
“On November 2, 2022, the Board of Directors (the “Board”) of the Company approved certain amendments to the Company’s Second Amended and Restated Bylaws, effective as of that date (as so amended, the “Bylaws”), including the following: Remote Communication for Stockholder Meetings The Bylaws now expressly permit the Board, in its sole discretion, to determine whether annual and special meetings of shareholders will be held solely by means of remote communication as authorized by the Indiana Business Corporation Law (the “IBCL”).”
Governance Changes
Inotiv, Inc.: Amended bylaws to permit remote communication for stockholder meetings, update shareholder proposal procedures, modify meeting adjournment notice rules, and opt out of mandatory classified board provisions under Indiana law (effective 2022-11-02).
“On November 2, 2022, the Board of Directors (the “Board”) of Inotiv, Inc. (the “Company”) approved certain amendments to the Company’s Second Amended and Restated Bylaws, effective as of that date”
Beth Taylor changed role as Chief Financial Officer at Inotiv, Inc..
“Ms. Taylor continues to serve as the Company’s Chief Financial Officer and principal financial officer.”
Brennan Freeman was appointed as Vice President – Finance and Corporate Controller at Inotiv, Inc..
“On October 25, 2022, the Board of Directors of Inotiv, Inc. (the “Company”) appointed Brennan Freeman, age 35, as Vice President – Finance and Corporate Controller of the Company.”
James Harkness departed as Chief Operating Officer, Research Models & Services at Inotiv, Inc..
“James Harkness, the Company’s Chief Operating Officer, Research Models & Services, will be retiring from the Company, effective on September 30, 2022.”
Scott Cragg was appointed as Director at Inotiv, Inc..
“On November 4, 2021, the Board of Directors of the Company (the “Board”) expanded the size of the Board to seven members and appointed Nigel Brown, Ph.D. and Scott Cragg to the Board pursuant to the terms of the Shareholders Agreement, which is described in detail in Item 1.01 above.”
Nigel Brown was appointed as Director at Inotiv, Inc..
“On November 4, 2021, the Board of Directors of the Company (the “Board”) expanded the size of the Board to seven members and appointed Nigel Brown, Ph.D. and Scott Cragg to the Board pursuant to the terms of the Shareholders Agreement, which is described in detail in Item 1.01 above.”
Richard A. Johnson resigned as Director at Inotiv, Inc..
“On November 5, 2021, Richard A. Johnson, Ph.D. tendered his resignation as a director of the Company, to be effective automatically upon notice to Dr. Johnson from the Company that the Board is prepared to elect the Approved Director as provided in the Shareholders Agreement.”
Joseph E. Flynn was terminated as Chief Commercial Officer at Inotiv, Inc..
“Inotiv, Inc. (the “Company”) and Joseph E. Flynn, the Company’s former Chief Commercial Officer, entered into an agreement (the “Separation and Release Agreement”) in connection with the termination of Mr. Flynn’s employment on September 8, 2021.”
Joseph E. Flynn was terminated as Chief Commercial Officer at Inotiv, Inc..
“On September 8, 2021, the Company terminated the employment of Joseph E. Flynn, its Chief Commercial Officer.”
Facts are extracted by an LLM and gated to those whose source quote is present verbatim in the filing text. Coverage is best-effort while backfill and monitoring mature; this is not yet a full-market index. See methodology.